Lufthansa Technik 2009 income drops

Net profits of local aircraft maintenance firm Lufthansa Technik Philippines went down last year due to provisions for doubtful accounts of client airlines, its parent told the Philippine Stock Exchange (PSE) on Monday. MacroAsia Corp. told the PSE Lufthansa Technik posted an 8-percent drop in earnings to $14.6 million in 2009 from the prior year. The firm is a joint venture between Philippine Airlines (PAL) affiliate MacroAsia, which owns 49 percent, and German Lufthansa Technik AG, which owns the rest. "The 2009 financial results reflect a comparably lower figure than 2008 basically due to additional provisions of at least $5 million for doubtful accounts of client airlines," MacroAsia said. Meanwhile, Lufthansa Technik announced a cash dividend payout of $7.3 million, payable in two installments this year. The company will pay the first half by the end of March, and the balance by June. Lufthansa Technik is one of Asia's leading aircraft maintenance, component repair and overhaul service providers. Aside from being the base maintenance provider of flag carrier PAL, it serves the planes of various foreign airlines, including part of Deutsche Lufthansa AG, Europe's largest airline. Founded in the year 2000, the company focuses heavily on the maintenance of Airbus A320, A330 and A340 aircraft. It also offers line maintenance services to domestic and international carriers, using personnel and facilities at the airports in Manila, Cebu, Clark and Davao. — GMANews.TV